Where Do The Richest People In The UK Live?

If you’re interested to know which areas in the UK are the richest, read our article to find out just that, plus some interesting and sometimes surprising information about the richest people in the UK.

In the UK, a third of the entire planet’s High Net Worth Individuals (HNWI) reside here so it is no surprise that there are some very, very wealthy parts of the UK. London of course is the main place the rich people reside. Throughout history the most affluent members of society lived in London, but there are other areas where you will find high levels of wealth dotted across the UK, even in some cases, small towns.

The Richest Cities

London is the richest city in the UK with nearly 50% of all the richest people in the UK residing there.

After London Edinburgh comes in at a close second, followed by:

Manchester

Glasgow

Leeds

Birmingham

Bristol

Cambridge

Reading

Aberdeen

The Richest Towns

Surprisingly, certain small towns have a place on the richest locations, with Cheltenham and Harrogate coming top. As well as these two affluent locations, there are also even smaller towns such as Windsor, Weybridge, Sevenoaks, Leatherhead and Virginia Water all which have significant amounts of HNW individuals residing there. So it turns out that not all rich people want or need to live in big cities and actually prefer a quieter life.

The Home Counties

The Home Counties see a huge amount of HNW individuals moving there, and represent the richest regions in the country. However, Greater Manchester does follow closely behind with over 50,000 HNW individuals living there.

What Counts As Rich?

The way this is determined depends on the survey being done. Sometimes it is a person’s entire worth, including money in the bank and business assets less any outstanding mortgage amounts or other different types of loans. Sometimes it is judged on the disposable income a person has. For example, West London is the wealthiest part of the UK overall with more of the richest people in the UK living there than anywhere else i.e. with the average amount of disposable income per person over £35,000 a year. This is no surprise really as Kensington and Chelsea are in this area.

The Richest Place In The UK

As mentioned above, the richest part of the UK is West London where the average disposable income per person is over £35,000/annum. According to Right Move, during 2015 the majority of property sold in the area last year was flats, which cost £1,450,233 on average. A terraced home would cost you nearly £4 million, and a semi-detached property upwards of £8 million. With costs like this, it is no surprise that you need to be rich to live here. Despite other areas in the UK gaining traction with their HNW population, London is likely to stay top of the table, with property prices in Chelsea alone having risen 18% in the last year.

So there you have it – if you want to hang out with the very wealthy (or just see how the other half lives) get yourself down to Kensington or Chelsea.

Welcome To Our Guides

Our simple guides are aimed at helping those of you who own your own property to make improvements that both change your lifestyle for the better but also add value to your home. They are for those who are planning to move house, want to buy a house, have just moved to a new home or have been in your current house for a while but have lost enthusiasm and are looking for home improvement ideas and interior design tips.

We have simple tips for home improvements on a budget, including colour and design advice courtesy of Lorelei from ImpulseBlogger.com and more technical advice on things like how to install tiles or create a wet room. We even like to recommend some good art for your walls from time to time if something catches our eye.

We also love looking at clever storage solutions that make the most of the storage in your home but if you really don’t have enough storage we are big fans of decluttering and have plenty of advice to help you achieve a clutter-free home. Or, failing that we know some good places to find cheap self-storage (like the lovely people over at Cambridge Self Storage) and where you can compare self storage prices if you really can’t bear to part with all your stuff.

So take a look around – we hope you find something of interest…

That Changing Face of Home Ownership

It may seem that here in the UK we have a bit of an obsession with owning our own homes and constantly updating and improving them. Yet a 2015 report by accountancy firm PwC revealed that after decades of increasing home ownership, the number of new homebuyers is now in decline and set to fall further over the next 10 years. Yet there is no greater desire amongst the older generation to stay in their own homes even when it becomes difficult to do so. Studies by the not-for-profit Live-in Care Hub show this has driven an increase in people opting for home care services as a better alternative to a residential care home.

Meanwhile amongst the younger generation, an inability to save a large enough deposit to meet stringent lending criteria is the cause for so many being unable to buy their own home. This “Generation Rent” is, therefore, forced to rent privately. According to an article on 9blogtips.com by 2025, 25 per cent of all households will privately rent of whom the majority will be aged between 20 and 39.

The ability to save a large enough deposit while also paying high rents becomes less of an issue when couples buy a property jointly with combined savings. Ironically the monthly cost of home loan repayments is often less than rent for an equivalent home. Others are relying on the trust of their parents, according to finance specialist Solution Loans, who will often act as guarantors for guarantor loans which can be used to raise a deposit for their adult offspring. And the fortunate few are simply given the cash for a deposit by wealthy parents.

Whatever the different personal circumstances it seems clear that buying a home will no longer be the norm for many people.